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Stocks - Wall Street Resumes Selloff as Stimulus Bill Fails in Key Senate Vote

Published 03/23/2020, 02:08 PM
Updated 03/23/2020, 03:11 PM
© Reuters.

By Yasin Ebrahim 

Investing.com – Wall Street resumed selling on Monday after an eagerly awaited coronavirus stimulus package failed to win enough votes in a Senate procedural vote, denting investor hopes the economy is set for a big fiscal boost sooner rather than later.

The Dow fell 3.48%, or 667 points, but had cut losses to below 200 points before the vote. The S&P 500 slipped 3.23% and the Nasdaq Composite fell 0.88%.

The nearly-$2-trillion bill to combat the economic effects of the Covid-19 pandemic, which needs to be backed by both chambers of Congress, failed to secure votes to move forward.

In the run-up to the voting process, markets had cut some losses on reports U.S. lawmakers were making progress on advancing the bill, which includes a range of measures to support the economy, including checks to Americans and support for small as well as big businesses.

 
In a blow to investor hopes that the economy would receive a much needed rescue package sooner rather than later,  Senate Majority Leader Mitch McConnell reportedly said the procedural delays could push a vote on stimulus bill out to Friday.  

The lack of progress on the bill comes as the coronavirus continued to spread, with infections reaching nearly 370,000 so far, with deaths above 16,000 worldwide.

Latest comments

Mitch should be hammering out a suitable compromise. But as usual, he’s MIA. C’mon Mitch....be a leader here and put the poltics behind you for once.
Dr Fauci is gonna be gone hy next week.
don't be too sure...
Dems will literally do anything to make Trump look bad. Too much division.
Dems not the problem. Trump makes himself look bad.
A play to unions and enviromentalists based on an ideology does not help people who have lost their jobs. Pelosi wants a new bill and the house is on vacation. How more disconnected can people be
In the meanwhile, our great genius president, is thinking to call the people to work when the stay home ends. Excellent coherence, there you se that al the time was dragging the feet to introduce the tests in the market to avoid the psychological effect about the virus growth. Like usual fighting science with ignorance and hope. If he forces people to work, get ready for a historical liquidation.
Republicans gotta stop trying to pay off their owners with massive tax give away. Thank God Dems there to stop the looting.
some times a simple answer is all you need. Republicans are only trying to help their own faction. They need to line up their pockets so the money lands in their accounts.
You're looking for money? How do you use a base enhancements like that? It's not only a lie, but the democrat party are thye ones that want everything free, on OUR (the people) dime. Spend it all, and lots more on illegals too -
If you ever took an economics class you'd know if the companies go broke, so do we. Read all about it -
Jay-Z at the picture. Nice
thats a tragic
My president told me 19 is a hoax and hasn't walked it back
Get the "quote" you mention correct rather than parrot CNN Swamp Media -
Bailing out the airlines should not be the foremost concern in the mind of the government.Second a stock bitnack is far from illegal and its is a smart maneuver when the company executing the buyback cannot find better value toninvest their money.When the company buys back stock it also increases shareholder value.The government agoumd take a temporary stake in the airlinea that need it most and charge an interest rate that would be advantageous to the Taxpayers that are actually footing the bill.Sadly when monies returned in the last bailout never were accounted for. This time the moneys should be given straight to the taxpayer with interest.
please have a look on what Bush jr. did. start a real war. who is the target this time? It will get the focus away and there is enough oil to make a real war. do we need that on top? how many died in Afghanistan and Irak? why do US welcome coffins with dead bodies in the first place? I do not get it!
Even cnn doesnt know how to spin this one.
I am sure Fox will come up with an alternate fact just like trump and his genius miracle cures and all is well and we will be fine in 2 weeks!
Democrats demand is punish the companies those who used stimuls money to buybacks & created a big debt by refinancing old debt. They like to bailout pensions Municipal bonds etc. Its the Campaign Contribution & special interest groups(Pacs) contributions to political campaigns game
There are specific clauses present regarding misuse. Do your research.
Hope you're correct! There's such hate from the mentally, ill-equipped liberal "squad", (they're all part of the squad) that they don't really chate what happens to us -
that's just wrong-
Wise people in the senate. We are heading for a 1930's crisis, printing more money only makes things worse
If you're not part of the solution, you're part of the problem. Are employees in the Congress and the press are more toxic than the virus.
The congress is indeed -
You know what you are -
ohhhh,,, noooooothat's impossible.
Our Congress, many, not all members are wanting to repeat the mistakes of the previous gov't bailout. term limits are NEEDED!
Agree. why should the airlines get billions when they used most of their capital on stock buybacks?
c'mon, they're not telling us there are shovel ready jobs
so awesome the house went on vacation for a week rather than work to stop a historic slide in the economy. Well done Nancy!
 Maybe Trump should resign and let Pence lead the task force. What is he doing to stop fear among Americans? He needs to tell the truth and stop minimizing the risk of covid-19.
Bag-o-bones -
You are correct sir. Same Ztoopid grin on her face as with the impeachment. Maybe the next time we hear her speak she'll be able to keep her plates where they should be...
sounds like another corporate welfare bill driven by Trump protecting his cronies
Cannot fix ztupid
They should pass a bill on the things they agree on, and then circle back for the street fighting over their differences.
Thumbs up
Dow to 5k
Mitch is going to be punished by his corporate overlords.
It’s time for term limits. Notice I didn’t pick a side?
What I'd actually like to see is term limits with an additional cap on total years in office.
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